Earnings Per Share

9 Months Ended

Mar. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per share is calculated using the weighted average shares of common stock and unvested restricted stock outstanding during the period.  Diluted earnings per share is calculated using the weighted average shares of common stock outstanding, the dilutive effect of stock options using the treasury stock method and the dilutive effect of the conversion premium related to the convertible senior notes.  The following table sets forth the reconciliation of weighted average common shares outstanding used in the computation of basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
In thousands, except per share amounts	March 30, 2014		March 31, 2013		March 30, 2014		March 31, 2013
Numerator-net income	$	117,607	$	110,968	$	330,226	$	304,984
Denominator for basic earnings   per share-weighted   average shares	240,669		237,296		239,592		236,323
Effect of dilutive securities- employee stock options	901		1,345		1,313		1,065
Effect of dilutive securities- convertible senior notes	2,422		—		819		—
Denominator for diluted earnings per share	243,992		238,641		241,724		237,388
Basic earnings per share	$	0.49	$	0.47	$	1.38	$	1.29
Diluted earnings per share	$	0.48	$	0.46	$	1.37	$	1.28

For the quarter and the nine months ended March 30, 2014, there were no out-of-the-money stock options that had to be excluded from the weighted average diluted common shares outstanding. The weighted average diluted common shares outstanding for the quarter and the nine months ended March 31, 2013 excludes the effect of 2.6 million and 4.7 million, respectively, out-of-the-money stock options, that if included would be anti-dilutive.

The Company included the dilutive effect of the conversion premium related to the convertible senior notes in the calculation of diluted earnings per common share because the average per share market price of the Company's common stock was above the conversion price during the quarter and the nine months ended March 30, 2014. The conversion premium was not included in the calculation of diluted earnings per common share in the prior year periods because the average per share market prices were below the conversion prices during these periods.